Mcphereson Financial Statement Analysis

This assignment involves analyzing the financial statements of Mcphereson to forecast its future performance. It examines the company's financial position, sales growth, and profitability, providing insights into its overall financial health. The study aims to determine whether the company will experience a decline in its financial performance due to the end of its operating cycle.

FINANCIAL STATEMENT
ANALYSIS CAPSTONE

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Forecasting.............................................................................................................................3
Sales Growth..........................................................................................................................3
Forecasting ATO ( Asset turnover ).......................................................................................5
Forecasting Profit margin (PM).............................................................................................6
Calculate Free Cash flow (NOPAT- Change in NOA ).........................................................7
Dividend Payout ratio.............................................................................................................7
Calculation of net payment to debt holders............................................................................8
Forecast cost of debt and debt balance...................................................................................9
Calculation of comprehensive income.................................................................................10
Calculation of equity............................................................................................................10
Dividend policy....................................................................................................................11
Net cost of debt after tax......................................................................................................12
CONCLUSION..............................................................................................................................28
REFERENCES..............................................................................................................................29

INTRODUCTION
Financial statement analysis of the company assist in identifying the profitability and the
growth of that company which assist in making various decision by the stakeholders of the
organisation. In this assignment, McPherson will be considered which is an custom manufacturer
of precision optical instrument this organisation is operating in Australia and provide products
relating to health and beauty. This assignment will provide understanding about forecasting,
valuation, sensitivity analysis and consulting advice on the basis of the information provided
through the analysis of the company. The Forecasting will be done on the basis of the 2018 data
on the basis of which the forecasting for the 2019 to 2023 will be made and it will assist in
getting the future growth prospects of the company. With the help of this analysis the company
will be able to identify their future growth prospects.
MAIN BODY
Forecasting
The forecasting is the process in which the company forecast the different variables
which are related to the growth and success of the business. The forecast made by the
organisation depend on the past data and the growth of the organisation on the basis of which the
company estimate its future growth prospects.
Sales Growth
The sales growth of the company assist in identifying the revenue generated by the
organisation through sales made by the firm. The growth rate of the sales can be forecasted for
the future on the basis of the the past information which assist in identifying the rate at which the
firm sales in growing (Lin and et.al., 2015). The McPherson annual report of 2014- 2018
provided information regarding the sales revenue which is generated with the help of performing
the different operation of the firm. The below table shows the information regarding the sales
revenue generated by the company through performing its operating activities.
Revenue 2014 2015 2016 2017 2018
sales 353386 349069 312586 279458 210430
Interest 27 214 217 46 2
Total operating revenue 353413 349283 312803 279504 210432

On the basis of above information it can be interpreted that the sales of the company are
being decreasing over the period which have a great impact on the business profitability and
growth (Dicle and Meyer, 2018). The sales growth of the period assist in determining the
company to identify their forecast sales figure which assist in planning for the future. The
decreasing trend of the sale provide information that for the growth of company the firm is
require to
The sales growth of the company also depends on the gross domestic product which
assist in identifying the sales made by the company to increase the revenue of the firm. The
below table shows the GDP growth of the Australia which will assist in forecasting the sales of
the company.
Particular Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
GDP growth
rate
2.4198 3.058% 3.120% 2.729% 2.344% 2.50%
The below information shows the forecasted sales growth on the basis of estimated
growth.
Particular Actual 2018 2019 2020 2021 2022 2023
1.Forecast sales
Sales growth rate - estimated 20% 18% 15% 15% 15% 15%
Sales 241,529
289,83
5
342,0
05
393,3
06
452,3
02
520,14
7
The above table shows the sales growth in the different years which is being estimated
on the basis of the sales made in the years 2018. It assist in identifying the sale growth of the
company on the basis of the percentage which are being estimated. The sales are being
estimated on the basis of the increasing trend of the sales .
Forecasting ATO ( Asset turnover )
Assets of the company comprises of current asset and non - current asset. The asset
turnover ratio assist in identifying the company efficiency in using its assets in order to generate

the revenue. The assets turnover ratio of the company for the last years comprises of the
following :
Particular
Actua
l 2018 2019 2020 2021 2022 2023
2.Forecast ATO and calculate NOA
forecast ATO 4.1 4.1 4.1 4.1 4.1 4.1 4.1
Calculate NOA (NOA=sales/ATO)
58,91
0 70,691
83,41
6
95,92
8
110,3
17
126,86
5
The asset turnover ratio of the company is fluctuating due to lower profit and losses
incurred by the firm. In order to improve the asset turnover ratio of the firm it is recommended
to the firm in order to sold out the unproductive assets which will assist in increasing the ratio.
Particular
Actua
l 2018 2019 2020 2021 2022 2023
2.Forecast ATO and calculate NOA
forecast ATO 4.1 4.1 4.1 4.1 4.1 4.1 4.1
Calculate NOA (NOA=sales/ATO)
58,91
0 70,691 83,416
95,92
8
110,31
7
126,86
5
Forecasting Profit margin (PM)
The profit margin of the company is calculated on the basis of the net operating profit
after tax which is divided by the sales revenue generated by the organisation during that period.
The profit margin of the McPherson is calculated as follows :
4.Forecast PM and calculate NOPAT
Particular
Actua
l 2018 2019 2020 2021 2022 2023
Forecast PM 3.90% 3.90% 3.90% 3.90% 3.90% 3.90% 3.90%

Calculate NOPAT (NOPAT = Sales x
PM) 11,304
13,33
8
15,33
9
17,64
0 20,286
Forecast PM
Particular Actual 2018 2019 2020 2021 2022 2023
7.Forecast net dividend payout 72% 72% 72% 72% 72% 72% 72%
estimated as a % of NOPAT 8,139 9,604
11,04
4
12,70
1 14,606
The profit margin of the company is being also forecasted on the basis of the estimate
which are being assumed on the basis of the profit earn by the company during the past years
(Monahan, 2018).
Forecast PM Calculate NOPAT (NOPAT = Sales x PM)
0
5000
10000
15000
20000
25000
Actual
2018
2019
2020
2021
2022
2023

Calculate Free Cash flow (NOPAT- Change in NOA )
Particular 2018 2019 2020 2021 2022 2023
5.Forecast any other operating
income (unusual items) & OCI 0 0 0 0 0 0
6.Calculate free cash flow (NOPAT
– change in NOA)
change in NOA 11,782
12,72
4
12,51
2
14,38
9 16,548
The FCF provide the information regarding the free cash flow of the company on the
basis of the NOA. With the change is NOA the free cash of the organisation will also is changes
which is determined on the basis of the NOPAT. The figure of NOPAT is being subtracted
from change in NOA in order to determine the changes in Free cash flow. The free cash flow is
being determined on the basis of then changes in NOA.
Dividend Payout ratio
Particular 2018 2019 2020 2021 2022 2023
Forecast net dividend payout 72% 72% 72% 72% 72% 72%
estimated as a % of NOPAT 8,139 9,604
11,04
4
12,70
1 14,606

It is the amount which is being paid by the organisation as dividend to the shareholders
relative to the amount of total net income of the organisation. The dividend payout ratio of
McPearson was 72%. It means the firm provide the 72% of the net income as divined to the
shareholders. The main cause behind maintaining the same dividend payout ratio is the rapid
increase in the retained earnings of the business. As the retained earning is nothing but amount
left with the company from profit after payment of dividend.
On the basis of the above information the forecast is being made for the dividend payout
ratio as percentage of the net income. The dividend payout ratio of the forecasted years is being
same as the actual dividend payout ratio of 2018. It is being identified that the company will
pay the shareholders with dividend at the percentage of this to the net income.
Calculation of net payment to debt holders
Particular 2018 2019 2020 2021 2022
FCF -6920 53408 4346 -3830
Dividends 20785 22950 20518 15450
Payments =
FCF-
dividends -27705 30458 -16172 -19280
The above information provide information regarding the payment to the debts holders
which is left after paying the dividend to the shareholders. The payments to the debt holders is
being forecasted for the periods which is different for the different periods. The net payment

which is required to be made to the debt holders is being calculated on the basis of free cash
flow in which the payment required to be made is calculated by subtracting dividend from free
cash flow.
Forecast cost of debt and debt balance
particular 2018 2019 2020 2021 2022
NBC 5.98% 5.98% 5.98% 5.98%
5.98%
Opening 24600 46524
14252.48
62683203
-
31315.79
11872092
59631.58
54921434
NFEAT(net financing after
tax) 1471 2782
852.2986
788456
1872.684
3129951
3565.968
8124302
Closing 46524 14252 31316
59631.58
54921434
check leverage (%) 51.2 22.8 36.3
The above table has provided understanding about the cost of debt on the basis of which
the leverage is being identified. The opening debt of the year 2017 is being determined on the
basis of which the forecast is being made of the different years.
Particulars Amount
Debt 24600
Maturity year 2
Corporate tax 27.50%
interest rate 0.071
Cost of debt 5.15%
The debt of McPearson for the years 2017 was 24600 which have the maturity period of
2 years. The corporate tax during that period was 27.50%. The interest rate for the debts was

7.10%. On the basis of which the cost of debt determined is 5.15 which is before applying the
tax.
v (Total assets) 113086 after tax
Weight of equity 78.25% 4.25%
Weight of debt 21.75% 5.98%
For calculating the cost of debts after tax the weighted average cost of equity is being
calculated in which the weights of the equity and debts are determined on the basis of the total
assets for the year 2017.
Calculation of comprehensive income
Calculation of comprehensive
income 2018 2019 2020 2021 2022
NO PAT -NFEAT -1471 15649 24147 26127 27233
The comprehensive income is the amount of the income generated by the organisation.
The above calculation has provided the information on the basis of NO PAT and NFEAT. The
comprehensive income of McPherson is being fluctuating over the period which may be due to
the high expenses charged during that period(DeFusco and et.al., 2015).
Calculation of equity
calculate equity 2018 2019 2020 2021 2022
Equity = asset- liability 90020 137430 76751 117467 180413
Equity 137430 76751 117467 180413
The total equity of the organisation comprises of the funds
which are being generated through the public in order to perform the different functions of the
organisation. From the above table which has provided information regarding the equity of
McPearson for the forecasted period which is being calculated on the basis of comprehensive
income and the closing debt value. The value of the equity is being determined by subtracting
the asset from the liabilities (Robinson and et.al., 2015).

Dividend policy
Dividend policy of a business shows policy adopted by a company for paying dividends
to its shares holders. It reflects the percentage share of earning or profit generated by the
company that the shareholder would get as dividend. The dividend policy of a business
organisation directly affects its retained earning or the amount that would be kept by it for further
running of business activities.
Particulars 2018 2019 2020 2021 2022 2023
Long
term
7.Forecast net dividend
payout 72% 72% 72% 72% 72% 72% 72%
estimated as a % of NOPAT 8,139 9,604 11,044
12,70
1
14,60
6
8.Calculate net payments to
debt holders
payments = FCF - dividend -8,617 -8,990 -8,217 -9,450
-
10,868
For the purpose of forecasting above calculations of dividend payout ratio, it has been
assumed that the company would maintain the same ratio of profit for paying dividend.
Although, from the above calculation, it can be interpret that the amount of dividend to be paid
by Mcpherson's limited company each year to its sharholders is increasing over the year. This
increment is being maintained due to increase in forecasted profit to be generated by business
over the year.
Net cost of debt after tax
Net cost of debt refers to the amount of debts remained after adjusting all the benefits and
taxes of the company.
9.Forecast cost of debt and debt balance
Particular 2018 2019 2020 2021 2022 2023 Long

term
Forecast cost of debt after tax 3.90% 3.90% 3.90% 3.90% 3.90% 3.90% 3.90%
Opening debt balance 1,985
10,67
9
20,08
6
29,08
6 39,671
Calculate cost of debt (net financing
after tax) 77 416 783 1,134 1,547
Calculate closing debt (opening +
interest - repayment) 756 10,679
20,08
6
29,08
6
39,67
1 52,086
check leverage (d/noa ratio) 1% 15% 24% 30% 36% 41%
From the above calculation of net after tax cost of debt, it can be forecasted that the after
adjusting all, the tax benefits, the amount of cost of debt after tax would increase over the year.
Due to increase in sale of the business and maintenance of equal ratio of the cost of debt, the net
amount of cost of debt after tax will keep increasing. In addition, due to expansion of the firm's
business the average ratio of cost of debt is being forecasted to be increased year by year.
Forecasting amount of total equity for the company in different cases
Termin
al Year
Forecasts for Anna’s Company Actual
Forec
ast
Forec
ast
Forec
ast
Forec
ast
Forecas
t
Forecas
t
Fore
cast
Year 2018 2019 2020 2021 2022 2023 2024 2025
0 1 2 3 4 5 6 7
1. Forecast net dividend payout 8139 8267 8440 8459 8579 8922 9279
2. Estimate cost of capital for
equity (discounting factor) 15% 1.15 1.32 1.52 1.75 2.01
3. Discount future dividends to
present value
27979.
61
7077.3
9
6251.
04
5549.4
4
4836.
46 4265.28

4. Div grows at 5% beyond
terminal year 4% 4%
5. Calculate TV at terminal
year
81110.5
5
6. Discount TV to present value
40326.
28
7. Total equity value
68,30
5.88
Termin
al Year
Forecasts for Peter’s company
Actua
l
Forec
ast
Forec
ast
Forecas
t
Forecas
t
Fore
cast
Year 2018 2019 2020 2021 2022 2023
2 3 4 5 6 7
1. Forecast net dividend payout 8267 8440 8459 8579 8579 8579
2. Estimate cost of capital for
equity (discounting factor) 1.32 1.52 1.75 2.01
3. Discount future dividends to
present value
6251.
04
5549.4
4
4836.
46 4265.28
4. Div remain constant beyond
terminal year 0% 0%

5. Calculate TV at terminal
year
57193.3
3
6. Discount TV to present value
7. Total equity value
Termin
al Year
Forecasts for Charles’ company
Actua
l
Forec
ast
Forec
ast
Forecas
t
Forecas
t
Fore
cast
Year 2018 2019 2020 2021 2022 2023
2 3 4 5 6 7
1. Forecast net dividend payout 8139 8267 8440 8459 0 0
2. Estimate cost of capital for
equity (discounting factor) 1.32 1.52 1.75 2.01
3. Discount future dividends to
present value
6154.
25
5435.6
9
4825.
60 4205.62
4. Div become zero beyond
terminal year
5. Calculate TV at terminal
year 0.00
6. Discount TV to present value

7. Total equity value
Interpretation
From the analysis of above calculation of forecasting total amount of equity of
Mcphereson company, it can be interpret that the value of equity does not depends upon the cost
of equity or amount of dividend paid by the company to its shareholders. Rather, the change in
value of equity is being derived due to change in discounting factors over the year.
Forecasting amount of equity for different companies.
Margot’ company Value
Forecas
t
Foreca
st
Forecas
t
Forecas
t
Forecas
t
Forecas
t
2018 2019 2020 2021 2022 2023 2024
year 0 1 2 3 4 5 6
1a. Forecast NI 8,139 9,604 11,044 12,701 14,606 14,505
1b. Forecast OE 30,000 31,000
32,50
0 33,000 33,400 33,800 34,000
2a. estimate cost of capital for
equity 12% 12% 12% 12% 12% 12% 12%
2b. Discount factor (1+re)^t 1.12 1.25 1.40 1.57 1.76 1.97
3. calculate abnormal earnings 4,539 5,884 7,144 8741 10598 10449
3. Calculate and forecast RI
growth patterns 30% 21% 22% 0% 0%
4. Calculate TV (perpetuity) -
5. Discount RI to TV year 19,383 4,053 4,691 5,085 5,555
Discount TV - -

Total value of equity 49,383
Willoe’s company Value
Forecas
t
Forecas
t
Forecas
t
Forecas
t
2018 2019 2020 2021 2022
year 0 1 2 3 4
1a. Forecast NI 12,922 14,556 16,505 18,739 19,128
1b. Forecast OE 63,330 66,842 70,647 74,779 30,650
2a. estimate cost of capital for
equity 15% 15% 15% 15% 15%
2b. Discount factor (1+re)^t 1.32 1.52 1.75 2.01 2.31
3. calculate RI 3,920 5,057 6479 8142 7911
3. Calculate and forecast RI
growth patterns 46% 29% 28% 0% 0%
4. Calculate TV (perpetuity) 54,280
5. Discount RI to TV year 2,964 3,325 3,704
Discount TV 31,035
Total value of equity
Bing’s company Value
Forecas
t
Forecas
t
Forecas
t
Forecas
t
2018 2019 2020 2021 2022

year 0 1 2 3 4
1a. Forecast NI 11,039 11,458 11,679 12,258 12,476
1b. Forecast OE 63,330 66,842 70,947 74,779 75,128
2a. estimate cost of capital for
equity 15% 15% 15% 15% 15%
2b. Discount factor (1+re)^t 1.32 1.52 1.75 2.01 2.31
3. calculate RI 2,037 1,959 1,653 1,616 1,259
3. Calculate and forecast RI
growth patterns 28% -4% -16% -2% -22%
4. Calculate TV (perpetuity) 9,382
5. Discount RI to TV year 1,540 1,288 945
Discount TV 5,364
Total value of equity
Cheryl’s Company Value
Forecas
t
Forecas
t
Forecas
t
Forecas
t
Abnormal earnings model (RIM) 2018 2019 2020 2021 2022
year 0 1 2 3 4
1a. Forecast NI 12,472 12,987 13,214 13,425 14,243
1b. Forecast OE 16,472 17,498 15,478 16,781 16,982
2a. estimate cost of capital for 15% 15% 15% 15% 15%

equity
2b. Discount factor (1+re)^t 1.32 1.52 1.75 2.01 2.31
3. calculate RI 10,159 10,516 10,589 11,103 11,726
3. Calculate and forecast RI
growth patterns 3% 4% 1% 5% 6%
4. Calculate TV (perpetuity)
109,43
5
5. Discount RI to TV year 7,682 6,915 6,054
Discount TV 62,570
Total value of equity
Hayley’s Company Value Forecast
Forecas
t Forecast Forecast Forecast Forecast
Abnormal operating
earnings model (RIM
modified) 2004 2005 2006 2007 2008 2009 2010
year 1 2 3 4 5 6
1a. Forecast NOPAT 14,278 14,548 15,345 13,475 14,125 14,458
1b. Forecast NOA 20,147 21,447 22,024 22,354 21,454 22,478 23,125
book value of debt 5,425
2a. estimate cost of capital
for the firm 17% 17% 17% 17% 17% 17% 17%
2b. Discount factor (1+rf)^t 1.16 1.35 1.56 1.81 2.1 2.44

3. calculate ROI 10,853 10,902 11,601 9,675 10,478 10,637
3. Calculate forecast ROI
growth patterns 0% 6% -17% 8% 2%
4. Calculate TV (perpetuity
with growth) 523,891
5. Discount ROI to TV year 30,213 9,356 8,076 7,436 5,345
Discount TV 289,443 289,443
Total value of the firm 339,803
value of debt 5,425
Total value of equity 334,378
Samir’s Company Value Forecast
Forecas
t Forecast Forecast Forecast Forecast
Discounted cash flow model 2016 2017 2018 2019 2020 2021 2022
year 1 2 3 4 5 6
1. Forecast FCF 1,017 1,247 1,314 1,354 1,572 1,542
book value of debt 5,425
2a. estimate cost of capital
for the firm 17% 17% 17% 17% 17% 17% 17%
2b. Discount factor (1+rf)^t 1.16 1.35 1.56 1.81 2.10 2.44
3. Forecast FCF growth
patterns 16% -2%

4. Calculate TV (perpetuity
with growth) 78,600
5. Discount FCF to TV year 3,393 877 927 842 748
Discount TV 43,410 43,410
Total value of the firm 46,803
value of debt 5,425
Total value of equity 41,378
Interpretation
From the analysis of calculation of of forecasted value of equity for different companies,
it can be interpret that value of equity differs company to company. The major reason behind
such difference is difference in amount of profit generated by a business organisation. In
addition, it also depends upon the amount retained by the firm for using it for the purpose of
running the business in near future.
Cash flow of Mcphersons limited company
Cash flow particulars
1
9
8
9
1
9
9
0 2014 2015 2016 2017 2018
Discounted free cash
flow model
Cash Flow -
Operations
Receipts from
Customers 379,083.0 382,762.0 354,735.0 312,300.0 291,710.0
Payments to Suppliers -345,142.0 -363,309.0 -320,743.0 -281,480.0 -276,417.0

Interest -6,435.0 -8,710.0 -6,533.0 46 2
Dividends Received 27.0 214.0 217.0 -3,210.0 -5,249.0
Tax -4,339.0 -4,007.0 -3,020.0 -1,411.0 -5,193.0
0
.
0
0
.
0 23,194.0 6,950.0 24,656.0 26,245.0 4,853.0
Cash Flow -
Investing
Purchase - PPE -23,654.0 -8,061.0 8,522.0 -1,549.0 -1,671.0
Proceeds - PPE 70.0 39.0 78.0 -348.0 -144.0
Proceeds - Sale &
Leaseback 2,220.0 6,571.0 483 30253.0
Purchase -
Investments 0.0 0.0 0.0 0.0 0.0
Proceeds -
Investments 0.0 0.0 0.0 24 10
Loans to Associates 0.0 0.0
Other 0.0
0
.
0
0
.
0 -21,364.0 -1,451.0 8,600.0 -1,390.0 28,448.0
1,830.0 5,499.0 33,256.0 24,855.0 33,301.0
Cash Flow -

Financing
Borrowings 143,529.0 228,842.0 42,783.0 82,404.0 81,048.0
Repayment of
Borrowings -136,369.0 -217,013.0 -55,709.0 -80,650.0 -81,000.0
Issue of Shares 111.0 0.0 -62.0 -5.0 -5.0
Security Deposits and
swaps
Dividends -8,731.0 -8,379.0 -6,944.0 -7,522.0 -7,229.0
Proceeds from sale
and lease back of
finance lease
0
.
0
0
.
0 -1,460.0 3,450.0 -19,932.0 -5,773.0 -7,186.0
Total Cash
Flow
0
.
0
0
.
0 370.0 8,949.0 13,324.0 19,082.0 26,115.0
Interpretation
By analysing the cash flow statement of Mcphereson Limited company, it can be
interpret that company is in stable position. Further, company's net cash flow of the company is
increasing over the year. It shows that the company's ability to maintain liquidity is increasing
year by year which is a positive signal for Mcphereson Limited company. In this regard, by
analysing the cash flow statement of the company, it can be evaluated that company is having a
sustainable position. Moreover, it can run its business for long period of time.
Statement showing equity of Mcphereson limited company
Particulars 1
9
1
9
2014 2015 2016 2017 2018

8
9
9
0
Shareholders
Funds
PUC 147,003.0 149,191.0 2,946.6 154790 15582
Reserves 2,585.0 2,933.0 56.3 4,828.0 1236
Retained Profit 28,574.0 -53,386.0 -50,192.0 67,540.0 70690
Minority Interests 0.0 0.0 0.0 0.0
0
.
0
0
.
0 178,162.0 98,738.0 -47,189.1
227,158.
0 87,508.0
Interpretation
By analysing the statement of company's equity, it can be interpret that the value of
equity of the company is increasing year by year. With the help of evaluating value of equity
shares, the wealth of shareholders of the company can be determined. The following analysis
shows that company have unstable value of equity. Therefore, investment in the business is quite
riskier for the shareholders.
ROIM: It is the method used for sensitivity analysis through which independency between the
variable can be determined and their impact on the dependent variable is being identified. It is
used for the analysis of the variables. The ROIM models helps in analysing how sensitive is the
output.
Income statement of Mcphereson Limited

Particulars
1
9
8
9
1
9
9
0 2014 2015 2016 2017 2018

Revenues -
Function
Sales
revenue from sales 353,413.0
349,069.
0
312,586.
0 21,157.0 210,430.0
other income 646.0
351,850.
0
315,194.
0 647.0 594.0
--
354,059.0
700,919.
0
627,780.
0 21,804.0 211,024.0
0
.
0
0
.
0 0.0 0.0 0.0 0.0 0.0
Expenses
operating expenses 409,320.0 2,549.9 2,689.2
Materials and
consumables used 208485 173513 116870 113,361.0
Employee costs 49,253.0 45,767.0 32,885.0 33,056.0
Advertising and
promotional 20,560.0 21,869.0 17,131.0 19,338.0
Cartage and freight 17,571.0 13,235.0 7,472.0 7,347.0
Third party warehousing 6,904.0 5,884.0 2,728.0 2,130.0
Rental expenses relating 6,583.0 5,518.0 4,868.0 4,550.0

to operating leases
Depreciation 2,256.0 2,204.0 1,498.0 1,430.0
Amortisation of other
intangibles 403.0 599.0 769.0 778.0
Restructure costs 4,123.0 5,766.0 769.0 518.0
Other expenses 16,564.0 14,737.0 1,556.0 7,477.0
Impairment of intangible
assets 637.0 - 6,651.0 -
9,565.0
Equity
Accounted
Profit
0
.
0
0
.
0 409,320.0 335,888.9 291,781.2 202,762.0 189,985.0
EBIT
E
r
r
:
5
1
0
E
r
r
:
5
1
0 -55261.0 365030.1 335998.8 -180958.0 21039.0
Borrowing
Costs
finance cost 6,647.0 1,141.6 1,158.7 546.6 259.5